White Chapel with Street View

An existing religious organization was seeking a purchase loan to acquire a Religious Facility for owner-user purposes. As a younger church with a recently ordained pastor, traditional sources of financing were not available. However, we saw a different financial picture. Monthly Tithes and Offerings were consistent. Membership was growing. Subject grounds had three manufactured housing units on site that could be rented out to generate additional revenue. Additionally, the Pastor was strong financially and had state government employment. We took an alternative approach to underwriting, factoring market rents of the modular units as well as the borrowers compensating factors to derive additional qualifying income and facilitated a new first lien of $155,000.